Montag, who has split the COO job with Darnell since 2011, will still run the investment banking and capital markets businesses.

'David approached me to discuss how he could continue to provide strategic leadership for our company, while allowing him the opportunity to relocate to Tampa with his family,' Moynihan, 54, wrote in the memo, according to a copy obtained yesterday by Bloomberg News. In the new role, Darnell will 'work across the company to execute our customer strategy, drawing on his knowledge of our businesses, markets and client relationships.'